Research Reports

YY will report 1Q18 results on June 5th after the market closes followed by an 8pm EST conference call. We are positive on Huya and cautious on YY Live into earnings. While YY Group continued its high growth, YY Live showed some level of slowdown in terms of active user growth, and the growth of the Group’s users was mainly driven by Huya. ……

Ctrip will report 1Q18 results on May 22nd after the market closes followed by an 8pm EST conference call. Based on our data and calculations, we expect CTRP’s 1Q18 revenue to be around RMB6,804M (11.8% Y/Y), better than consensus at RMB6,667M (+9.6% Y/Y) and tops the higher end of its revenue guidance range of RMB6,623.7M - RMB6,754.4M (9% - 11% Y/Y) as well as our model at RMB6,653M. ……

WUBA will report 1Q18 results on May 24th before the markets open with an 8am EST conference call. Based on our proprietary data and calculations, we believe WUBA’s 1Q18 revenue is likely to reach RMB2,570M, representing 29.3% Y/Y growth, better than consensus at RMB2,357M and the company’s guidance at RMB2,290M - RMB2,390M as well as our model at RMB2,370M.……

CMCM will report 1Q18 results on May 21st before the markets open with an 8am EST conference call. Based on our proprietary data and calculations, we believe CMCM is likely to deliver 1Q18 top line at around RMB1,139M, lower than consensus at RMB1,142.87M and toward the lower end of its guidance range of RMB1,100M – RMB1,140M, as the main revenue contributor Utility products continued its declining trend and Live.me was also experiencing some stagnation. ……

As an operator for international brands on Tmall.com, BZUN has been enjoying the rapid growth in international brands on Tmall’s platform. The company will report 1Q18 results on May 17th before the markets open with a 7:30am EST conference call. ……

HTHT will report 1Q18 results on Monday, May 14th after the market close followed by a 9pm ET conference call. Based on the data released by the company, HTHT’s revenue is likely to be RMB2,072.2M, higher than the Street expectation at RMB1,996.8M. For 2Q18, we also expect guidance to be better than consensus at RMB2,431.3M. ……

VIPS will report 1Q18 results on Monday, May 14th after the markets close followed by a conference call the next day at 8am EST. Based on our data, we believe VIPS’ revenue in 1Q18 is likely to be around RMB20,334.3M or 27.5% Y/Y growth, slightly better than consensus at RMB19,543.9M (22.5% Y/Y growth) and above the high end of guidance range at RMB19.1B – 19.9B (20% - 25% Y/Y growth).  ……

NTES will report 1Q18 results on May 16th after the markets close followed by a 9pm EST conference call. Based on our proprietary data and calculations, NTES’s 1Q18 revenue is likely to be in line with consensus expectation at RMB13,839M.……

ZTO will report 1Q18 results on May 9th after the markets close followed by a 9pm EST conference call. Based on our proprietary data and calculations, ZTO’s revenue is likely to be RMB 3,419.6M or 30.8% Y/Y growth vs. consensus at RMB3,392.2M or 29.7% Y/Y growth. ……

WB will report 1Q18 results on May 9th before the market opens with a 7am EST conference call. Based on our data, WB’s 1Q18 revenue is likely to be around $349.8M, better than consensus expectation at $342.4M. For 2Q18, we believe WB may provide revenue guidance at least in line with consensus at $417.1M.……

JD will report 1Q18 results on May 8th before the markets open with a 7:30am EST conference call. For 1Q18, based on our proprietary data, we believe JD’s topline growth at about 31% Y/Y is likely to be in line with consensus expectation as well as our estimates. ……

ATHM will report 1Q18 results on May 8th before the markets open with an 8am EST conference call. Ever since ATHM refocused on its core business and renewed its strategy to enable its partners to do business better, its core business has grown rapidly and taken market share away from its peers. In 1Q18, this trend continued and showed healthy growth in both media services and leads generation services. ……

BABA will report F4Q18 results on Friday, May 4th before the markets open with a 7:30am EST conference call. BABA’s revenue continues to experience high growth driven by Tmall and advertising from Taobao along with other offline developments. Hema (BABA’s offline store) is expanding rapidly. ……

BIDU will report 1Q18 results on Thursday, April 26th after the market closes followed by a 10:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to report 1Q18 revenue at least in line with consensus. While search growth is not as high as it was in the past, the company is aggressively pursuing news feed and AI, which we believe are the new engines to propel BIDU’s near-term and long-term growth. ……

TAL will report FY4Q18 results on Thursday, April 26 before the markets open with an 8am EST conference call. Starting from last quarter, the growth driver for TAL switched from course offering volumes (as a result of expansion) to average revenue capacity per course (as a result of course pricing structure adjustment). ……

In 1Q18, the growth of China express sector accelerated compared with 4Q17 in terms of both parcel volumes and revenues. Our data shows that BSTI, as one of the leading companies in the sector, is benefiting from such acceleration.……

EDU will report FY3Q18 results on Tuesday, April 24th before the markets open with an 8am EST conference call. Starting from FY1Q18, EDU has started its faster expansion by opening more learning centers while adjusting its course pricing structure to increase average price. As a result, its total attendees and quarterly average fees per attendee are both growing and making contributions to top line growth. ……

Based on our data and model, we believe MOMO’s 1Q18 revenue is likely to reach $406.6M, better than consensus at $391.4M, and tops the high end of its guidance range of $387M – $402M. ……